Digital assets

We all own assets that are stored digitally, or that we can only access online.  In many cases, we would want our family and/or friends to be able to access those assets after our death, but unlike physical assets, bank accounts or traditional investments such as bonds and shares, it is much harder to track down digital assets.

What is a digital asset?

Everything from photos, videos, music, e-books, blogs, movies, emails, conversations, social media account managed online, to games, bank accounts, medical records, cryptocurrencies such as Bitcoin and NFTs (Non-Fungible Tokens, which can represent digital works of art).  Digital assets may have a financial, sentimental, intellectual and social value to you, your family and friends.

Are there any security issues around digital assets to be aware to be aware of on death?

You may have concerns around confidentiality regarding email and social media accounts which could reveal the existence of relationships or interests that were not widely known. It’s a good idea to consider in advance whether social media profiles should be memorialised or shut down. There are steps you can take during your lifetime to deal with sentimental or social medial types of assets.  This article has more information.

My partner has died: what happens to their digital assets?

Digital assets are treated like any other asset in terms of how they pass on death.  That means that if your partner left a will, then their digital assets will pass in line with the will.  Sometimes a will contains a specific clause dealing with digital assets, but if it doesn’t, then the digital assets will pass with the residue of the estate. That means they will pass to the person or persons who receives the balance of the estate after any other legacies and gifts have been paid out.

If your partner didn’t leave a will, then the digital assets pass under the rules of intestacy, and there is more detail on those rules here.

What happens if I don’t know what digital assets my partner had?

Digital assets can be harder to track down than conventional assets, as there is no central register for many of them (indeed, that is the very idea behind the decentralised nature of some of the assets), and the traditional searches to find unknown assets only cover a very small selection of digital assets.  As a first step, it’s worth trying to locate a digital assets log as this will make the process much easier.  We encourage our clients to prepare a digital assets log, as do most other solicitors.  This [link] is an example of what a digital assets log can look like, but they can take any form and there are many versions available online.  Other places that might help are password managers or vaults (if your partner had a password manager, it is likely that the password manager would hold details of their main digital assets, and how to access them).  The issue here is that you need to be given access to the password manager, and unless this has been set up in advance, it may not be possible to obtain that information.  Their laptop, ipad or phone may have apps relating to certain digital assets, which can be a clue.  Be aware that you may be committing a criminal offence if you try to log into digital assets which are not yours, so take advice on what steps to take.

Let our highly experienced Probate and Will, Trust & Estate Disputes teams help minimise the stress for you at a difficult time. We offer a wide range of options, depending on how much support you need.

As one of the largest teams of probate and contentious probate lawyers in Kent and the South East, we have a vast depth and breadth of experience and combine sensitivity with a practical approach to dealing with even the most complicated of issues. Our award winning team specialises in administering complex, high and ultra-high net worth estates, as well as estates with agricultural and business assets.

If problems arise, our highly regarded Will, Trust & Estate Disputes lawyers help resolve issues as quickly and cost effectively as possible. We can also draw on expertise from our Wills, Estate & Tax Planning, Tax Management and Residential Property & Conveyancing teams as needed.

Our probate experts also have a great deal of experience in working on international estates and the complexities involved here and have a trusted network of overseas lawyers we work with regularly.

We also have specific expertise in dealing with unusual assets and holding structures. In addition, our team can assist with heritage assets and reliefs, conditional exemption and offers in lieu of tax.

We understand what it means to lose someone and that each estate is unique. This is why we offer a bespoke service, delivering support tailored to your individual needs at this difficult time.

• Full estate administration: We will deal with each aspect of the probate process, so you are not burdened with the responsibility
• Executor support service: You choose which parts of the process you want to carry out yourself and which parts you would like to hand over to our probate experts
• Grant-only service: We apply for the Grant of Representation on your behalf, enabling you to do the rest of the work yourself
• Independent Administration: A service for estates where those involved in administering an estate feel that they can go no further with the process and require an Independent Administrator to be appointed to resolve the issue.

Our probate questionnaire can help identify the type of help you may need.